Create a journal

A journal is a record of all financial transactions that occur within a company or organization. It is a chronological list of all business activities that have a financial impact, including sales, purchases, payments, and receipts.

The Define Journal page allows you to define different journal types into which you can record transactions. There are five journal types for you to choose from:

  • B: Bundle journal type — the statutory accounts at bundle level.

  • L: Local journal type — the manual adjustments at local level. See Data Entry – Local Adjustments.

  • M: Manual journal type — the manual adjustments at consolidation level.

  • E: Event journal type — the event adjustments proposed by Financial Consolidation.

  • T: Technical journal type — the automatic adjustments generated by Financial Consolidation.

To access the Define Journal page, click Configuration > System Structures > Journals > Define Journal.

The left-side panel displays a list of available journals by:

  • Type - journal type.

  • Category - journal category

  • Description - description of the journal

 Note:  You can use the Journal type filter to limit the journals that you want to display in the left side panel to a specific journal type (i.e. E, M, T, B, L) by choosing from the Journal Type drop-down list.

Define a journal type

  1. Click .

  2. From the Journal Type drop-down list, choose a type.

  3. Enter a Journal Category. Max of 3-alphanumeric characters.

  4. Enter a Description of the journal.

  5. From the Associated Journal Type drop-down list, choose a journal.

    An Associated Journal Type is the journal into which the application will transfer this journal during the carry forward process. See Defining a Consolidation Period for more information.

     Note:  Generally, the journal and the associated journal are the same.

  6. If activated, you can select to make a group journal available to all end users (and allow them to make modification to local amounts only). This allows users to fill in all journal information—flows, dimensions, etc., at once, and be able to track them. When selected, a check mark appears in the Available to End Users column of the left-side panel.

  7. Click .

Spit adjustments across different journal levels

This feature enables the use of a POV matrix with a specific elimination rule to split adjustments across different journals by levels.

To configure this option:

  1. Go to Group > Periods > Define Periods.

  2. Select the period and, in the Consolidation by POV field, enter the POV criteria to be applied in the consolidation method.

  3. On the Define Journal page, ensure that journals are available for use at the different levels:

    • T120

    • T220

    • T320

    • T420

    The Elimination Dividends S020 rule functions similarly to Participation Eliminations S089. Configuring Journal levels (S120, S220, etc.) should yield the same results across different POV and Journal levels.

    When the S020 elimination rule is activated and consolidation is run, technical journals are created at specified POV and journal levels.